Change can be daunting, but it can bring a host of benefits in the long run. As technology evolves day-by-day, it is more important than ever to look for more streamlined ways to do business. Evaluating and refining business processes should be done continuously to make a company productive. Of all business processes, expense management is what lags behind. Spreadsheets and piles of paper receipts are seen as the only option for managing expenses. However, technology is helping businesses regain the time and money spent in managing paper-based expense processes.
So the question is, do you really need to change the way you process expenses? To help you make a decision we have created a checklist for change. It’s worth keeping in mind these points to help evaluate when you should be changing your business processes.
Does Your Business Processes Need Change?
Having old-fashioned expense systems means manually processing expense claims. More employees mean more expense claims, which puts additional stress on your finance department. Make sure the added benefit of the growing company will not outweigh the administrative burden. If your business processes are creating a problem, the processes should definitely undergo a major overhaul.
Is Your Reimbursement Process Taking Long?
Your reimbursement process should not take days or weeks. If it is then you have to change the system in place. The main culprits for the delayed process are gathering and submitting information by hand and checking each expense claim. Longer reimbursement means employees get frustrated. Moreover, manual processing will result in errors and wasting employee time trying to spot mistakes.
Are Your Employees On The Go?
Employees who travel for work purposes, or dine out with clients wish to access expense reports while on the go. They don’t want to hoard paper receipts all through their journey. Embracing mobile technology can help improve your expense management process by allowing employees to snap receipts while on the go. Expense reports can be created anywhere meaning finance teams do not have to wait long periods of time.
Making the move to a cloud-based expense report system may sound daunting but can help achieve business goals faster while maximizing profits.